The Insolvency (England and Wales) Rules 2016

Expenses and timing of requisitioned decision E+W

15.19.—(1) The convener must, not later than 14 days from receipt of a request for a requisitioned decision, provide the requesting creditor with itemised details of the sum to be deposited as security for payment of the expenses of such procedure.

(2) The convener is not obliged to initiate the decision procedure or deemed consent procedure (where applicable) until either—

(a) the convener has received the required sum; or

(b) the period of 14 days has expired without the convener having informed the requesting creditor or contributory of the sum required to be deposited as security.

(3) A requisitioned decision must be made—

(a) where requested under section 136(5)(c), within three months; or

(b) in any other case, within 28 days;

of the date on which the earlier of the events specified in paragraph (2) of this rule occurs.

(4) The expenses of a requisitioned decision must be paid out of the deposit (if any) unless—

(a) the creditors decide that they are to be payable as an expense of the administration, winding up or bankruptcy, as the case may be; and

(b) in the case of a decision of contributories, the creditors are first paid in full, with interest.

(5) The notice of a requisitioned decision of creditors must contain a statement that the creditors may make a decision as in paragraph (4)(a) of this rule.

(6) Where the creditors do not so decide, the expenses must be paid by the requesting creditor or contributory to the extent that the deposit (if any) is not sufficient.

(7) To the extent that the deposit (if any) is not required for payment of the expenses, it must be repaid to the requesting creditor or contributory.

Modifications etc. (not altering text)

C1 Rule 15.19 applied (with modifications) (5.7.2018) by The Housing Administration (England and Wales) Rules 2018 (S.I. 2018/719), rules 1.1, 3.28(5), 3.29 (with rule 1.2)

C2 Rule 15.19 applied (with modifications) (31.1.2019) by The Education Administration Rules 2018 (S.I. 2018/1135), rules 1, 3.28(5) (with rule 1.2)

C3 Rule 15.19 applied (with modifications) (18.7.2023) by The Relevant Licensee Nuclear Company Administration (England and Wales) Rules 2023 (S.I. 2023/712), rules 1(2)(a), 29(7), 30 (with rule 2)